In 2021, the flare gas recovery system market is predicted to increase at a rate of 4.8 percent year over year, with a total valuation of US$ 1.05 billion. Sales of flare gas recovery systems are predicted to grow at a 5.9% CAGR between 2021 and 2031, according to a recent study by Future Market Insights (FMI).
The whole flare gas recovery system market is expected to reach US$ 1.7 billion by 2031, according to the report. Compressor technology will continue to be in high demand, and modular flare gas recovery systems’ sales will rise steadily, with a 5.7 percent compound annual growth rate (CAGR) in 2021.
Flare Gas Recovery System Market 2016-2020 Outlook Compared to 2021-2031 Forecast
The oil and gas segment of the flare gas recovery system (FGRS) market had a modest increase in revenue in 2021. Between 2020 and 2021, demand for flare gas recovery systems increased by 4.8 percent, allowing the flare gas recovery system market to expand.
The FGRS market is governed by regulations. After the World Bank launched its “Zero Flaring by 2030” project in 2015, the sector experienced significant development. The goal of the effort is to eliminate routine flaring by 2030 by promoting collaboration among stakeholders to discover ways to reduce gas flaring through proper policies, technology adoption, and financial arrangements.
Competitive Landscape
To increase sales, leading businesses in the worldwide flare gas recovery system market are concentrating on extending their presence in emerging markets. Aside from that, players are investing in mergers, acquisitions, strategic alliances, and partnerships in order to boost their distribution channels and increase their manufacturing facilities. Consider the following example:
- In 2020, Zeeco, Inc. stated that Saudi Aramco has granted it 9COM clearance for a variety of combustion equipment made at its Dammam site.
- In 2018, Busch Vacuum Pumps and Systems announced that NSB Gas Processing, a Swiss engineering firm, had joined its group. Busch NSB AG has replaced NSB Gas Processing. Flare gas recovery systems, a sub-sector of the oil and gas industry, are represented in the Busch NSB product line.
Flare Gas Recovery System Market by Category
By Operating Pressure:
- Up to 5 bar (small)
- 5 to 10 bar (medium)
- 10 to 20 bar (large)
- 20 to 60 bar ( very large)
By Configuration:
- Modular
- Skid Mounted
By Technology:
- Compressor
- Reciprocating
- Screw
- Liquid Ring
- Siding Vane
- Ejector Based
By Flow Rate:
- Upto 2 MMSCFD
- 2 to 5 MMSCFD
- 5 TO 10 MMSCFD
- 10 TO 20 MMSCFD
- 20 to 50 MMSCFD
By Application:
- Oil & Gas
- Petrochemical Refineries
- NGL Plants
- CNG Refineries
- MORE
- Pipeline & Syn Gas
- FPSO Offshore platforms
- Fuel gas conditioning
- Chemical Plants
- Storage Tanks
- Bio-Gas & Landfill
- Industrial flue gas treatment